Charity Bank posts record loan growth

Set up in 2002, the bank says its loan book has grown by 120 per cent since the start of 2015

Charity Bank has announced record loan growth and reported its most successful quarter of lending.

The bank, which was set up in 2002, said its loan book had grown by 120 per cent since the start of 2015.

It said it lent £15.2m to the charity sector in the first three months of 2018, compared with £34.1m during the whole of 2017.

The bank said this made the first quarter of 2018 the most successful three-month period in its history.

This follows a period of sustained growth for the bank, with total lending rising from £24.7m in 2015 to £27.9m in 2016, a statement from the bank said.

More than £215m has been lent by Charity Bank to more than 650 organisations since it was launched, and the bank has announced a "Bank on Us" campaign to reduce the costs for charities of taking on new loans or refinancing.

Patrick Crawford, chief executive of Charity Bank, said: "Despite the challenging and uncertain outlook, charities and social enterprises have continued to take on new projects to address social needs. The resulting loan demand from the social sector has continued and shows no sign of slowing.

"By reducing the costs associated with taking on a new loan and refinancing an existing loan, we aim to give a little extra back to the charities and social enterprises we have the privilege to work with every day as they help the disadvantaged, enrich lives and improve communities."

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